Emmanuel Cooperative Credit Union records significant growth in profit

The Emmanuel Cooperative Credit Union Limited has made significant gains, recording GH¢401,392 profitability in the 2017 year under review – representing 75.3 percent growth as against GH¢228,959 attained in 2016.

Its Total Assets increased from GH¢4,461,574 recorded in 2016 to GH¢5,487,084 achieved in the year under review, 2017 – which translates to a 23 percent increase. This corresponded with the Net Total Savings of members’ savings, which stood at GH¢3,625,371 in 2016 but grew to GH¢3,901,643 during the year under review – being an 8 percent increase.

This growth was lower compared to the 36 percent increase recorded in 2016/2015 financial year, and therefore members were implored to revive their savings habit in order to sustain the Union’s liquidity position.

As part of efforts to deepen the company’s deposit base, a special promotion was announced as having been started. Members who introduce new members to join benefit from GH¢10 mobile credit if the new entrant purchases the minimum Shares of GH¢200.

Notwithstanding some of these innovations to deepen the company’s liquidity, members Share Capital increased from GH¢255,648 attained in 2016 to GH¢334,377 in 2017, representing an increase of 31 percent.

Given that members’ Share contribution remains the most reliable source of capital for the Emmanuel Cooperative Credit Union, members who have not met the minimum Share contribution of GH¢200 were once more encouraged to buy more shares – or at least buy Shares to cover the difference.

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Emmanuel Cooperative Credit Union also posted GH¢3,895,532. Liquid Investment during the financial year under review, 2017, being a 38 percent increase over the previous year’s figure of GH¢2,819,369 recorded in 2016.

It also saw improvement in its loan recovery drive. For instance, out of the GH¢1,797,327 granted as loans in 2016/2017 year, it managed to recover a substantial part of the monies – leaving only GH¢805,753 outstanding as compared to the GH¢2,547,840 given as loans in the 2015/2016 year which had outstandings of GH¢855,962.

In addition to the continuous attempts to innovate the credit union industry, Emmanuel Cooperative Credit Union said it has re-christened its mobile bankers as ‘Sales Executives’ to shore-up their image and reflect the critical roles they play.

The General Manager of Emmanuel Cooperative Credit Union, Mr. Nicholas Asante, in an interview explained that mobile bankers play in important role in the company’s operations, and therefore it is important for every opportunity to raise their image not be disregarded – particularly as they act as the company’s face.

However, although he noted that the mobile banking sector continued its diligent mobilisation of deposits over the period, he acknowledged that Net Total Savings did not show any appreciable increase over the previous year’s figure due to frequent withdrawals by susu depositors.

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He also said, given the importance attached to Shares of members, management continues to pursue prudent investment measures that ensure the investments of members are secured while yielding attractive returns.

He was hopeful that members will heed the call to deepen their savings culture with more Shares, and allow the Shares to grow.

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